Tax Services
Navigating
Your Tax Needs
At CA Levy Services, we make tax preparation hassle-free with our online scheduling platform designed to meet all your tax needs efficiently.
UNDERSTANDING YOUR TAX NEEDS
CA Levy Services offers a user-friendly online platform where clients can easily book appointments and submit tax inquiries to get expert assistance.
New Tax Laws
The 2025 tax year, influenced heavily by the new "One, Big, Beautiful Bill Act" (OBBBA),
introduces significant changes including higher standard deductions, new deductions for tips, overtime,
and car loan interest, an increased child tax credit, and the accelerated expiration of some clean vehicle credits
Key Tax Law Changes for 2025
Increased Deductions and Credits
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Higher Standard Deduction: The standard deduction amounts have increased for all filers:
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Single filers / Married filing separately: $15,750
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Married couples filing jointly: $31,500
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Heads of household: $23,625
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New Deduction for Seniors: Taxpayers age 65 and older can claim an additional $6,000
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deduction per eligible individual, which is available whether you itemize or take the standard deduction.
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Child Tax Credit: The maximum credit has increased to $2,200 for each qualifying child under age 17.
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State and Local Tax (SALT) Deduction Cap: The previous $10,000 cap has been raised to $40,000 For married couples filing jointly (or $20,000 for married filing separately).
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New Deduction for Qualified Tips: Eligible workers in customary tipped occupations can deduct up to $25,000 of qualified tip income from their taxable income.
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New Deduction for Overtime Pay: A deduction for the "half" portion of "time-and-a-half" overtime pay is available, up to $12,500 for single filers ($25,000 for joint filers). IMPORTANT- IN ORDER TO BE ABLE TO DECLARE OVERTIME HOURS YOU MUST PROVIDE YOUR LAST PAYSTUB FOR THE 2025 TAX YEAR IF NOT INCLUDED IN YOUR W-2!!!
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New Car Loan Interest Deduction: You may be able to deduct interest paid on a loan for a new vehicle purchased for personal use, up to $10,000 annually, if the final assembly occurred in the United States.
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"Trump Accounts" for Babies: A new provision provides a federal government contribution of $1,000 into investment accounts for babies born between January 1, 2025, and December 31, 2028, for eligible U.S.-born citizens.
Other Notable Changes
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Tax Brackets: The existing individual income tax brackets (ranging from 10% to 37%) have been made permanent.
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Expiration of Clean Vehicle Credits: Tax credits for new and used clean vehicles have been accelerated and are not available for any vehicle acquired after September 30, 2025.
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New Crypto Tax Reporting: Centralized crypto exchanges are now required to report your crypto transactions to the IRS and to you on a new Form 1099-DA.
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Electronic Refunds: The IRS is phasing out paper refund checks and will request banking information for direct deposits on all 2025 tax returns.